No surprise to anyone keeping tabs on the issue of Social Security and aging Americans, but here’s a great video report from PBS News Hour on why it a working retirement makes economic sense for our generation. There is a mounting pile of opinion and evidence on the ways in which continued income earning can stave off the insolvency of the Social Security fund, as well as provide (obviously) economic prosperity and a sense of purpose.
One of the canards of the current debate is the issue of the so-called “dependency ratio,” a calculation that measures the supposed burden that retired workers are going to foist on the working population. Initially, this metric was calculated based on the assumption that retirement would occur at age 65. While it is now more commonly calculated with the assumption that some percentage of over-65 workers will continue to participate in the workforce, lawyer and journalist Lincoln Caplan still believes it paints a simplistic picture of the aging population and its potential to contribute not only to the economy at large, but also to individuals’ own prosperity.
So a working retirement makes increasing sense, not only because we really have no practical alternative if we want to stay solvent, but also just because most of us just can’t imagine what we would do if we didn’t have a way of staying engaged, and leaving some sort of legacy.